Core Viewpoint - The popularity of Labubu, an IP under Pop Mart, has led to a surge in demand, prompting banks to offer promotional activities involving Labubu blind boxes as incentives for deposits, although such marketing strategies have faced regulatory scrutiny and subsequent bans [1][2][4]. Group 1: Marketing Activities - Several branches of Ping An Bank in cities like Xi'an, Shijiazhuang, and Wuhan launched a promotion where new customers could receive Labubu blind boxes by depositing at least 50,000 yuan for a minimum of three to six months [1]. - The promotional strategy aimed to attract more customers amid declining deposit rates and increased competition among banks [1][5]. Group 2: Regulatory Environment - Financial regulatory authorities in the Yangtze River Delta region reiterated a ban on banks using physical gifts or collaborations with internet platforms to attract deposits, requiring immediate cessation of such activities [2]. - The 2018 regulation explicitly prohibits banks from using improper means, such as cash returns or physical gifts, to attract deposits, with multiple banks having faced penalties for violating these rules [4]. Group 3: Financial Implications - The effective cost of the Labubu promotion, when calculated, suggests that the annualized interest rate for a three-month deposit of 50,000 yuan could reach approximately 2.27%, exceeding the typical rates of 1% to 1.5% offered by banks [4][5]. - Concerns have been raised that if banks continue to use such promotional tactics, it could lead to a "gift competition" that raises overall deposit costs and disrupts healthy competition based on service quality [5]. Group 4: Recommendations for Banks - Experts suggest that banks should focus on enhancing service quality and product offerings rather than relying on gift promotions to attract deposits, which could increase non-interest expenses and hidden liabilities [5][6]. - There is a call for banks, especially smaller ones, to shift their operational strategies away from merely pursuing deposit growth towards better asset-liability management and sustainable development [6].

Core Viewpoint - The recent promotional strategy by a bank offering LABUBU blind boxes for a fixed deposit of 50,000 yuan has gained significant attention, highlighting the challenges banks face in attracting deposits amid regulatory scrutiny and declining interest rates [1][2]. Group 1: Regulatory Environment - The banking sector is under strict regulations that prohibit unconventional methods of attracting deposits, such as cash returns or gifts, as outlined in the 2018 notice regarding deposit management [1]. - Regulatory bodies have reiterated the ban on interest rate manipulation and have emphasized the need for banks to optimize their deposit structures to avoid last-minute deposit inflations [1][2]. Group 2: Market Response and Trends - The LABUBU promotion, despite its popularity, will not be replicated in other regions, indicating a cautious approach by banks in response to regulatory pressures [2]. - There is a noticeable trend of price-sensitive depositors shifting their funds to higher-yielding asset management products, driven by a declining net interest margin, which was reported at 1.43% at the end of Q1 [2]. Group 3: Strategic Considerations for Banks - Banks are encouraged to focus on customer perception by creating segmented interest-bearing deposit products and enhancing customer engagement through tailored app interfaces [2]. - A shift in deposit assessment metrics is suggested, moving away from sheer deposit volume towards evaluating overall asset management scale, customer retention, and engagement [2][3].